In this issue of Tax Talk, we cover:
GST threshold on imported goods and services (currently at $1,000) to be made zero from 1 July 2017 is very good for small business but bad for bargain hunters!
The ATO had become a campaign focused on Holiday rentals sending letters to taxpayers reminding them to only claim the deductions they are entitled to, for the periods a holiday home is rented out at commercial rates, or is genuinely available for rent.
The ATO has issued an information sheet to help taxpayers get their property valuations right. Taxpayers who undertake their own valuations – or use valuations from people without adequate qualifications – risk incorrectly reporting their tax, and may be liable to pay administrative penalties.
Accessing Superannuation early. There are limited circumstances when individuals can access their super savings early, and in most cases, individuals cannot withdraw their superannuation until they reach their preservation age and retire. Some conditions of release include, but are not limited to: Retirement, Reaching the age of 65, starting a transition-to-retirement pension, severe financial hardship, Compassionate grounds, Permanent disability or incapacity and temporary incapacity.
Rules for Super contributions for over 65s. Generally, individuals can make voluntary concessional (before-tax) or non-concessional (after-tax) superannuation contributions up to the age of 74. Those who are aged 65 or over need to satisfy a work test if they intend to make super contributions. Anyone aged under 65 can make super contributions without needing to satisfy a work test.